Binance to Launch US Platform Soon, Helped by a Little-Known Partner
Samuel Haig's original article for cointelegraph.com reduced by 56%
Binance is expected to launch its upcoming exchange platform in the United States by the end of the year, with the company's executive estimating that the platform will launch within "a month or two." At the time, 15% of Binance's traffic came from customers residing in the U.S., down from 30% of traffic as of early 2018.On the same day, Binance announced that it had begun preparations to launch an exchange to service cryptocurrency traders in the U.S. The announcement also revealed a partnership with a little-known firm called BAM Trading Services - with the partnership set to see Binance license its matching engine and wallet technologies to BAM to launch Binance US.CZ indicated that operations of the U.S.-based platform will be "Led" by BAM," adding that the exchange will "serve the U.S. market market in full regulatory compliance.
" Binance's website quoted "a representative from BAM Trading Services," who stated, "It is an honor to partner with Binance to launch the U.S. extension of Binance, leveraging its tier-one security and technology in tandem. Little is known of BAM Trading ServicesDespite spearheading the efforts of the largest cryptocurrency exchange by volume to service in the U.S.
market, very little is known about BAM. The company created a Twitter account during April 2019, the same month that Binance US started an account, with both accounts appearing to not have posted any tweets until the day before the partnership was announced - i.e., June 13.The Twitter account provides no links to a website for the firm and has only posted nine tweets so far, with the only other social media account held by the company comprising a Medium page with just a single post. Binance develops 'risk assessment framework' for prospective U.S.
listingsOn Aug. 10, Binance announced that it had developed a "Digital Asset Risk Assessment Framework" to determine which crypto assets will be made available on the new platform. Thirty crypto assets under consideration for Binance USOf the approximately 160 cryptocurrencies listed on its main platform, Binance has announced that 30 crypto assets are currently under consideration to be listed on its U.S.
exchange, including the top eight cryptocurrencies by market capitalization - Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, Binance Coin, Tether and EOS.Half of the prospective listings are among the top 20 crypto assets by market cap, including 11th-ranked Lumens, 13th-ranked ADA, 15th-ranked LINK, 16th-ranked DASH, 18th-ranked NEO, 19th-ranked ETC and 20th-ranked MIOTA.Other stablecoins - such as USD Coin, TrueUSD and Paxos Standard Token - may also be listed on Binance's U.S.-based platform. Binance to forge new partnerships to launch stablecoinsThe partnership with BAM to launch Binance's exchange in the U.S. appears as if it may comprise a blueprint for the company's efforts to launch regional stablecoins.
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